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A divided government means there is both a requirement and a valuable opportunity for lawmakers to work together on fiscal solutions.
Outside of the recent recession caused by the financial crisis and its aftermath, the U.S. government has never witnessed deficits that exceeded $1 trillion.
The new numbers demonstrate the severe economic damage and significant fiscal implications of this unprecedented crisis.
With our economy in recovery, the national debt rising unsustainably, the country still grappling with a devastating pandemic, and lawmakers pursing significant new legislation, America faces many critical questions for its future. To shed light on the best way forward, two top economists participated in a panel discussion as part of the latest edition of the Peterson Foundation Economic Forum.
Trump outlined some broad strokes of his budget proposal, but lawmakers and voters are anxious to see where the administration stands on a number of issues.
https://www.pgpf.org/blog/2017/03/the-fiscal-month-in-review-questions-about-policy-specifics-remain
“The federal government’s fiscal path is unsustainable," warns the Government Accountability Office.
The U.S. spends twice as much on prescription drugs as other comparatively wealthy nations, on average.
While Congress has not taken steps toward reining in our high and rising national debt, lawmakers did address a couple of pending fiscal items.
Proponents argue that a well-designed benefit reduction policy would improve the equitability by better balancing the payouts between low- and high-income earners.
https://www.pgpf.org/blog/2024/07/social-security-reform-should-we-reduce-benefits
While nearly all Americans pay taxes, the composition of the type of taxes paid is very different for taxpayers at various points in the income distribution.
https://www.pgpf.org/blog/2020/07/how-does-the-tax-system-work